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A Social Democrat Confronts Globalization

Australia's prime minister can't ignore the verdict of markets.

By

William McGurn

Updated Nov. 4, 2008 12:01 a.m. ET

Sydney

In the war on terror, the Australian government led by John Howard was one of America's closest allies. If Barack Obama is elected today, Australian Prime Minister Kevin Rudd may be positioned to play a similar role -- but this time vis-&agrave;-vis the global marketplace.

Here down under, the Democratic nominee for president enjoys European-level approval ratings, with polls showing that nearly three out of four...